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Bitcoin’s (BTC) price was under pressure on early Wednesday morning after a senior U.S. Federal Reserve officer said that there were no compelling reasons to stop the rate-hike cycle of the central bank. The Fed’s historical string of monetary tightening is one of the main reasons for the continued bear market. In an interview with FT published on Wednesday, Federal Reserve Bank of Cleveland president Loretta mester said: “I don’t really see a convincing reason to pause.” Mester said that she would prefer to see rates raised and held for a period of time until there was less uncertainty about the direction the economy will take. Her comments helped boost the U.S. Dollar and sent bitcoin down. The crypto is now down 3% in the last 24 hours to $27,000. Ether has also fallen by 2% in the same time period.

U.S. U.S. The risks include possible conflicts of interest, cyber security and how firms manage physical delivery of digital asset in transactions that require delivery. The agency expects firms to “actively identify new, evolving or unique risks, and implement risk-mitigation measures tailored to those risks.”

The U.S. Securities and Exchange Commission announced on Tuesday that it had settled charges against a former Coinbase product manager and brother in relation to allegations of 2022 insider trading of certain cryptocurrencies listed on the exchange. Ishan Wahi and Nikhil Wahi, were arrested on charges of conspiracy to commit wire fraud and wire fraud relating to a scheme for insider trading. The SEC filed insider trading charges on the same day. The SEC announced on Tuesday that the brothers had agreed to forfeit their gains. The SEC announced that both brothers had previously pleaded guilty in the Department of Justice criminal case. Ishan Wahi is now serving a 2-year term and Nikhil Wahi is currently serving a 10 month sentence. The SEC stated that the fines imposed on the brothers in their criminal case satisfied the settlements of the civil case and they would not seek additional penalties.

Chart of the Day

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  • This month, XRP rose by over 8% to $0.51, surpassing market leaders Bitcoin and Ether.
  • Matrixport, a crypto services provider, said that there was speculation the SEC / Ripple case would be resolved within the next couple of weeks. This has led to XRP’s price rising.
  • Matrixport said that a break above resistance at $0.55 would likely lead to a rally towards the next important resistance level of $0.80, which is +44% more.

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Stephen Alpher edited the book.